Vat very urgent
Querist : Anonymous
THERE IS ONE REGISTERED DEALER CANCLLED THE TIN NO AS NO 31.03.2012.SO WHAT ABOUT THERE STOCK TREATMENTW, WHEN HE PAY THE VAT AMOUNT AND WHAT IS THE CIRCUMSTANCES FOR THAT. PLEASE REPLAY
1) First of all find out the value of the closing stock
2) Whether it is taxable product or not?
3) If it is exempted, no botheration about vat payment.
4) Let us assume the value of closing stock is Rs.4,00,000.00 and your state registration for a vat dealer is Rs.5,00,000.00 in a year. In this case, the selling dealer has no liability even if he cancelled his TIN RC because the sale value in the year 2012-13 is below 5 lacs.
After 01.4.2012, he becomes URD (unregistered dealer) and only the buyer of the product is liable to pay the purchase tax and can set off.
1. He has taken input against local purchases and the goods are not sold.
2. He has goods in stock which are purchased against C form and the condition attached is the purchase is for the purpose of resale, but due to cancellation of RC condition is not fulfilled.
I also agree that even after closing, if the stocks are out of interstate purchase or input availed materials, then he has the liability. But we have to assume things. What to do?
Querist : Anonymous
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